Paramount to Spend $1M Annually on Microbudget Films

Variety says that Paramount is launching an initiative that will spend $1 million annually to develop and produce microbudget films following the success of Paranormal Activity, which cost only $15,000 to make and has earned over $100 million domestically.

The plan is designed to place between 10 and 20 projects in development by the end of next year, with no individual budget exceeding $100,000.

Paramount Film Group president Adam Goodman says the funds, which will come out of the studio’s overall production budget, will be targeted at both unknowns and established filmmakers, with the goal of increasing the studio’s ability to find new voices and ideas.